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Asharq Al-Awsat

Business

Riyadh - Asharq Al-Awsat

Saudi Aramco Raises Asia Official Selling Price

Saudi Aramco Asia Russia Iran Oman Ukraine

View of the production facility at Saudi Aramco's Shaybah oilfield (File Photo: Reuters)

Saudi Aramco raised its May official selling price (OSP) to Asia for its flagship Arab Light crude to $9.35 a barrel above Oman/Dubai crude, its highest premium ever.

Oil jumped more than 3 percent on Monday to $108 a barrel as the release of strategic reserves by consuming nations failed to address supply concerns arising from Russia's invasion of Ukraine and the failure of an Iran nuclear deal.

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